Ontario Real Estate Licensing Exam Practice · Question
When must a seller provide a Status Certificate to a buyer in a condominium resale transaction in Ontario?
While it is not a legal requirement for the seller to provide a Status Certificate, it is an essential document for a buyer in a condominium resale. The buyer (
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Question: When must a seller provide a Status Certificate to a buyer in a condominium resale transaction in Ontario?
Answer options: ✅ The seller is not legally required to provide it, but it's customary for the buyer's lawyer to request it.
- Within 10 days of the buyer making an offer on the unit.
- At the time the Agreement of Purchase and Sale becomes firm and binding.
- Upon closing of the transaction.
Correct answer: The seller is not legally required to provide it, but it's customary for the buyer's lawyer to request it.
Explanation: While it is not a legal requirement for the seller to provide a Status Certificate, it is an essential document for a buyer in a condominium resale. The buyer (or their lawyer) will typically request and review the Status Certificate during the conditional period to understand the financial and legal health of the condominium corporation.
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